RE: next weekWelcome aboard the board
Crime but hope you don't get bored with this board and the company.
Here is some interesting reading from their financials that might lead you to believe that you are backing the horse running in the wrong direction around the track.
""During the year ended April 30, 2010, the Company was charged $528,261 (2009 - $437,340) for wages, management and consulting fees provided by five officers and directors and their related corporations of the Company, of which $197,727 (2009 – $209,572) was charged to exploration properties. Included in current liabilities at April 30, 2010 is $90,033 (2009 - $90,652) owing to these related parties.""
Then look at the money spent on Investor Relations. For what?
Then look at the equipment expenditures. Equipment - what equipment? and it is being used and repaired - where?
Then look at administrative costs. Wow for what? and leads me to believe that Bending is not the only person drawing a rather large salary out of this.
This company had, note had, money at April, 2010 (flow through) but that is all but spent by now as I vaguely remember Bending telling me they did do some more drilling in Canada. And Bending did tell me that a payment was made to the company for the Sardine Hill property in conjunction with an agreement (this is after the audited financials) and I think that was around $1 Million. But no news, no nothing. Just the same old and Bending drawing an executive level salary out of a venture capital company that is doing nothing. Nor have we ever heard officially that their VP Exploration apparently left the company.
Shoreham is not a wise investment any longer. The 1st Quarter financials should be interesting which are due at the end of September.